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Dec 4, 2012
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we want to -- the government solves problems in texas. we want to do something in texas, it happens two or three times faster in texas than it does in, say, the state of california. >> mike, thank you very much. >> thank you. >> great seeing you guys this morning. >>> let's check the futures, traders focus on jobs this week as we get ready for the big employment report on friday. >>> coming up, becky's exclusive interview with brian moynihan. [ penélope ] i found the best cafe in the world. nespresso. where i never have to compromise on anything. ♪ where just one touch creates the perfect coffee. where every cappuccino and latte is only made with fresh milk. and where the staff is exceptionally friendly. ♪ nespresso. what else? melons!!! oh yeah!! well that was uncalled for. folks who save hundreds of dollars switching to geico sure are happy. how happy, ronny? happier than gallagher at a farmers' market. get happy. get geico. chances are, you're not made of money, so don't overpay for motorcycle insurance. geico, see how much you co
we want to -- the government solves problems in texas. we want to do something in texas, it happens two or three times faster in texas than it does in, say, the state of california. >> mike, thank you very much. >> thank you. >> great seeing you guys this morning. >>> let's check the futures, traders focus on jobs this week as we get ready for the big employment report on friday. >>> coming up, becky's exclusive interview with brian moynihan. [ penélope ] i...
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Dec 7, 2012
12/12
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that government can't count the amount of workers in government is a little bit beyond the pale and maybe -- >> revised it down? >> from minus 13 to minus 51. i don't know what you call it, 38,000 downward revision. and they revised up the private sector in the month of october, so that was good. the other thing it's very hard for me to believe here that there is not a sandy effect in that i see a minus 22 and a minus 20 on construction. mark, would you just chime in on that? i mean, i guess what -- even if hampton is still there, i don't know, they said no sandy effect, but i'm seeing a minus 42,000 on construction and goods producing. how can that not be? >> no. i think that's some of the sandy effect coming through. with katrina what the bls did is they made some adjustments for the fact that they got a lot fewer respondents from the people who were affected by the storm and my guess is this go-around they decided no to the do that for whatever reason, wait for other data to come in. once we get that data coming in, they will revise down. what you're seeing in the construction jo
that government can't count the amount of workers in government is a little bit beyond the pale and maybe -- >> revised it down? >> from minus 13 to minus 51. i don't know what you call it, 38,000 downward revision. and they revised up the private sector in the month of october, so that was good. the other thing it's very hard for me to believe here that there is not a sandy effect in that i see a minus 22 and a minus 20 on construction. mark, would you just chime in on that? i...
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Dec 6, 2012
12/12
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where they are and you shrink government down to where it pays for it. does it matter for the future and for growth which way you do it in your view? >> it does. if you put it all into like a tightening, so how much tightening occurs in the economy that would slow the economy, it's far better to actually reduce government spending than it is to actually raise taxes. >> although that hurts the economy, too. >> everything hurts the economy. so it's a question of which is most -- or least harmful and that tends to be cutting government spending. >> but i do think it's -- >> although tim geithner would disagree with me. >> one side wants to keep the government and entitlements like we have it. and the other side wants to take away all the excess government -- >> i think both sides agree that you need to do both. just a question of how much. >> we need to do both to do a deal. i don't think both sides dwre that it's the right thing to do. just to get a deal done. >> i think moderates in both parties -- >> people on the right think we're plenty big. and there
where they are and you shrink government down to where it pays for it. does it matter for the future and for growth which way you do it in your view? >> it does. if you put it all into like a tightening, so how much tightening occurs in the economy that would slow the economy, it's far better to actually reduce government spending than it is to actually raise taxes. >> although that hurts the economy, too. >> everything hurts the economy. so it's a question of which is most --...
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Dec 5, 2012
12/12
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you start at government spending. you don't immediately start spending another 50 billion in stimulus. >> that's going to be the question that boehner has to deal with. the president will have to deal with the far wings of his party. boehner started doing it. did you see they removed two tea party members from the budget committee? >> i don't want to raise taxes to fund 25% of gdp. >> and actually, the american taxpayers are being told to pay their fair share. they want to see real entitlement reform as well. but you have to deal with the issue on the table. i mean, the spending right now is a percentage of gdp is 24%. it's projected to go substantially higher. do you know that medicare and medicaid didn't exist 50 years ago and they're now a quarter of the federal budget? >> i know. it was supposed to be supplemental. david walker was on the other day talking about obama care which is supposed to save us a trillion dollars and the actual cost, what it added the our entitlement is 12 trillion. just that we did in the
you start at government spending. you don't immediately start spending another 50 billion in stimulus. >> that's going to be the question that boehner has to deal with. the president will have to deal with the far wings of his party. boehner started doing it. did you see they removed two tea party members from the budget committee? >> i don't want to raise taxes to fund 25% of gdp. >> and actually, the american taxpayers are being told to pay their fair share. they want to see...
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Dec 3, 2012
12/12
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the government isn't the solution here. >> the government is not the solution. >> correct. >> well, they are part of the problem. before a private sector solution, it seems like we have to get over this problem in the near term. it's a huge amount of money just being sucked right out of the economy on january 1st. >> i don't disagree with that at all. >> at this point, it's a one in in two chance, one in five chance, what's the chance we go over? >> roeprobably one in two, one s three. there will be some sort of resolution. getting down to the last minute kind of mentality, but certainly i think there will be a solution. i think next year you'll be in a low growth environment again and really if you look at the economy, we're probably going back to the '90 style economy where you had 3%, 3.5% was really good growth. 2% growth which we're experiencing right now is pretty good. full employment might be 5.5, 6% like the old days. and i think with that being said, we've got to to get a little bit closer to those numbers to really have the economy start to take off. and i don't think we're th
the government isn't the solution here. >> the government is not the solution. >> correct. >> well, they are part of the problem. before a private sector solution, it seems like we have to get over this problem in the near term. it's a huge amount of money just being sucked right out of the economy on january 1st. >> i don't disagree with that at all. >> at this point, it's a one in in two chance, one in five chance, what's the chance we go over? >>...
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Dec 10, 2012
12/12
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government taking the place of business when business is not spending. but it creates unintended consequences. >> but unintended consequences, they're probably only a year or two out. if you put in changes that were actually permanent changes, instead of having this constant, okay, this is the plan for the next three months. this is the plan for the next six months -- >> the way it's being done is crazy. with this -- we lurch from one crisis to another. it's almost as bad an outcome as a fiscal tightening which i don't want. it's the uncertainty of what we night do. that's damaging confidence and you can see that in the surveys. clarity to be good but with less spending cuts and less tax increases would be better. >> senator, is there a way we get to that point where we're not living quarter to quarter or half a year to half a year? >> i'd be curious to know what is the impact in this quarter on gdp of all the uncertainty associated with the fiscal cliff? i mean what's it costing us? >> we're going to see a pretty grim fourth quarter. some of that is san
government taking the place of business when business is not spending. but it creates unintended consequences. >> but unintended consequences, they're probably only a year or two out. if you put in changes that were actually permanent changes, instead of having this constant, okay, this is the plan for the next three months. this is the plan for the next six months -- >> the way it's being done is crazy. with this -- we lurch from one crisis to another. it's almost as bad an outcome...